Top 6 Points You Should Not Forget While Purchasing Bike Insurance
Published On Jul 07, 2021 11:00 AM By InsuranceDekho
Read this article to get the top 8 points to keep in mind while purchasing a bike insurance policy.
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Buying bike insurance can be a time-consuming process. When choosing a bike insurance policy, it's critical to think about a variety of factors. Insurance may now be purchased from the convenience of your own home, thanks to technological advancements. It is critical that you examine numerous insurance products in order to make the best decision as different bike insurance companies offer different bike insurance plans. This post will provide you with some things to think about while buying bike insurance.
Top 6 Key Points To Consider While Buying Bike Insurance
It is vital to choose a policy that provides the most coverage when purchasing bike insurance. The following are some things to think about while purchasing bike insurance online:
Bike Insurance Policy Type
In India, there are two types of vehicle insurance coverage now offered. You can choose between a third-party liability plan and a comprehensive bike insurance plan. According to the Motor Vehicle Act, third-party bike insurance is required and covers only the third-damage party's repair and medical costs in the event of an accident. It does not provide the policyholder with any kind of coverage. A comprehensive vehicle insurance policy, on the other hand, provides financial protection against third-party obligations as well as damages incurred by the policyholder that is not caused by a collision. Thus, make sure you choose the right type of policy.
Additional Covers For Bike Insurance
After you've decided on the sort of insurance you'll need, you'll need to choose the add-on covers for your bike. Riders or covers for your insurance policy that provide you with additional coverage are known as add-ons. These add-ons will help you cover circumstances that the regular policy does not cover. Keep in mind, however, that adding these coverages to your bike insurance policy can raise your rate. As a result, make sure you select the ones that are acceptable for your requirements.
The Insurance Company's Reputation
When buying bike insurance, it's critical to check out the company's reputation. It is quite easy for unscrupulous firms to take advantage of you, especially when the procedure takes place online. Hence, it is critical that you verify the company's legitimacy. Make careful to read the testimonials and obtain the necessary attributes on the subject as this will help you to make an informed decision.
You may also like to read:- Why Should You Consider IDV While Buying Bike Insurance?
The Settlement of Claims Process
The majority of insurance companies have a standard procedure for filing claims. Some insurance companies, however, may differ in a few steps. Make careful to read the terms and conditions of your insurance policy before purchasing it. This will provide you with a clear image of how to file a claim. The claim procedure should be straightforward and painless. This will alleviate the burden on your shoulders in the event of a misfortune.
Insurance Premiums for Bikes
While you want to get an insurance policy with the most coverage, you also want to make sure that your bike insurance price is reasonable. Your bike insurance rate is determined by a number of criteria, including the age of your bike, its IDV, your location, the add-on coverage you select, and so on. Make sure to calculate the cost of your premium when purchasing bike insurance.
Declared Value Assured
One of the most important factors in determining the cost of your bike insurance policy is the IDV. It's nothing more than the market value of your bike presently. The IDV of your bike reduces as it gets older. When you file a claim for your insurance, your insurance company will pay you this amount.
Also Read:- Impact of IDV On Renewing Two Wheeler Insurance Explained
Bike insurance can be purchased online, which is a time-saving option. If you're always pressed for time, purchasing bike insurance online is the ideal option. Before purchasing a bike insurance plan, make sure to read the terms and conditions of the policy you choose and consider the factors indicated above to purchase the policy that best suits your requirements and ride safely.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.